16 Feb, 2022, 11:47 ET
PALO ALTO, Calif., Feb. 16, 2022 /PRNewswire/ -- Instrumental Inc., the leader in manufacturing optimization software, today announced it closed $50 million in Series C financing, led by BAM Elevate, with Canaan, Root Ventures and Eclipse Ventures as return investors. Instrumental Inc. will use the funds to expand research and development for new products and make critical hires in engineering and go-to-market teams.
Instrumental Inc. builds core manufacturing data infrastructure for the world's most admired electronics brands, which helps customers solve crucial issues in their manufacturing operations. Bain & Company estimates that 20 cents of every dollar spent in the manufacturing industry is wasted, which adds up to $8 trillion of economic waste. Instrumental Inc.'s cloud platform serves as the AI-enabled backbone for companies optimizing their manufacturing processes, through automated technology that detects defects, identifies root causes and delivers actionable insights to global teams. This data infrastructure enables companies to dramatically reduce waste and increase product margins as they bring products to market.
"When I was working as an engineer, I was surprised by the amount of waste and inefficiencies that electronics brands are accustomed to as the cost of doing business," said Anna-Katrina Shedletsky, Instrumental Inc. CEO and founder. "We believe in a different future — where software leverages data about every individual unit built to make rapid changes to process and design, eliminating waste. We are proud to be part of our customers' core manufacturing infrastructure and to be approaching this challenge with deep empathy for the engineers who build and improve the products we all enjoy every day."
This round of funding comes on the heels of a record year for Instrumental Inc., which saw tripled bookings and net revenue retention of 150 percent in 2021. The company also earned recognition on Inc. Magazine's 2021 Top 5000 List of Fastest-Growing Companies, and in July 2020 closed a Series B round of funding, bringing the total funds raised to over $80 million.
"The way Instrumental combines visual and product data for companies optimizing their manufacturing processes completely changes the way products are designed and produced," said Jamie McGurk, the General Partner who led BAM Elevate's investment, who has joined Instrumental's Board of Directors. "Engineers that once had to email Excel files around the world and waste valuable time extracting information from siloed data centers can now use Instrumental to deliver the insights they need to find and fix issues faster than ever. We're thrilled to fuel Instrumental's continued growth."
The COVID-19 pandemic, supply chain disruptions and restricted international travel forced many companies to make drastic changes to their development and production processes, leaving them with low visibility into their assembly and at risk of quality control issues. In an effort to address these challenges for the broader electronics community and drive continuous improvements across the entire manufacturing industry, Instrumental Inc. is hosting its third Build Better Manufacturing Optimization Summit on March 3, 2022, in partnership with the Association of Manufacturing Technology (AMT). Experts from Instrumental Inc., Google Cloud, Tesla, SAP, Nvidia, and more will offer tactical advice on leveraging data to optimize manufacturing processes.
"I felt that Instrumental got what we were doing and why our mission to protect life is so important to us," said Bill Maginn, Director of NPI Engineering at Axon. "Throughout the process, they actively helped us solve immediate problems and they're committed to evolving their platform to further support our needs. We had a great two-way synergy with the Instrumental team and that's why we're getting ready to use Instrumental again on a new public safety product."
About Instrumental Inc.
Instrumental is the leading core infrastructure provider for companies optimizing their manufacturing processes. The world's most admired brands, including Axon, Bose, Cisco Meraki, Honeywell, and SolarEdge, rely on Instrumental's cloud platform and purpose-built AI to accelerate time-to-market, improve yields, eliminate rework, and save engineering time. Instrumental is mission-driven to support global engineering and operations as they eliminate waste and deliver better products, faster than ever before. Instrumental was founded in 2015 by ex-Apple product design engineers Anna-Katrina Shedletsky and Samuel Weiss. To learn more, visit www.instrumental.com.
About BAM Elevate
BAM Elevate is the private investment division of Balyasny Asset Management L.P, a global multi-strategy investment firm with $14 billion AUM. BAM Elevate invests in breakout companies in transformational industries poised to compound long term value. We provide our private portfolio companies with capital in addition to access to BAM's unique global platform to help Elevate their team, performance and capabilities.
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